I’m hearing there is some distress in the Bitcoin treasury company group. There will be forced liquidations as part of this process. This is what happens when you have a bunch of inexperienced people trying to be Michael Saylor. Healthy cleanse then higher. Patience required imo.
The @BBC just wrote a piece on Bitcoin mining which contains not only many factual errors, but also many errors by omission. Here's where it falls short. This one is by @mwendling.
https://t.co/6zNrN1oK3y
Let's analyze and contextualize their latest effort.
Firstly, an acknowledgement. BBC did last month write its first positive piece on Bitcoin mining, showing how Gridless Energy was bringing rural Africans out of energy poverty.
https://t.co/fPjggY08SL
Prior to that however, BBC has previously been one of the most selective reporters on Bitcoin. This latest article is a continuation of that long-term trend.
Earlier this month, the most significant report on Bitcoin mining ever was released by Cambridge, showing that Bitcoin mining
- was 52.4% sustainably powered
- helped stabilize grids
- reduced fossil fuel heating through heat recycling
- was mitigating methane by reducing the environmentally harmful practice of flaring at scale
I asked a @BBCWorld reporter if he was going to cover this news, given that they'd previously covered Cambridge's reports here
https://t.co/VdOZGw6vLr, here https://t.co/SBIkTbo2Js and
here https://t.co/2AXy2CyNR7.
His reply "more important news around I think".
For context: It's interesting to see what @BBC has not reported on when it comes to Bitcoin mining, namely: 20 full length peer reviewed academic studies plus 7 independent reports showing that Bitcoin has strong environmental benefits.
source: https://t.co/Q6vkl5eTXs
More important news around ?
But they did feel that a 5 page academic commentary (that did not use empirical data, and which has since been debunked by Cambridge, @dari_org and a peer reviewed study (Sai & Vranken 2024) was important news.
Their headline incorrectly and indeed comically, claimed that "Every Bitcoin payment 'uses a swimming pool of water'" here
https://t.co/sd1fzUfr0v resulting in a formal complaint from @DecentraSuze of the Bitcoin Policy Institute, UK over gross inaccuracies. The BBC did not retract or amend the article.
Over the years, the narratives covered by BBC and other news media that Bitcoin have included "is mostly fossil fuel powered", "reopens fossil fuel plants", "strains grids" and "strains water resources". Each and every narrative has now been widely debunked in peer reviewed studies and by both grid operators around the world.
BBC has not reported on any of these debunking studies. Neither has BBC acknowledged that their previous reporting have been shown to be incorrect. Rather, it appears that they have simply moved on to a new environmental attack vector and reported on that until that too is debunked.
The "Bitcoin mining creates too much noise" and "Bitcoin is a tool for right leaning politicians and their supporters" suggested in this article is a continuation of a long line of attack vectors, employed without accountability to acknowledge errors, or provide readers with balance or context.
For example, the "instrument of the political right" has been debunked by a study of 3538 US adults conducted in 2024 by the Nakamoto Project, which showed that Bitcoin supporters come from across the political spectrum, with a slight bias to "very liberal".
The reason they supported Trump at the last election was that many went against their natural affiliation to end 4 years of capricious anti-Bitcoin policy by the Biden administration which included debanking legitimate publicly traded mining companies, constant environmental gaslighting, ultimatums to release confidential data to mining companies with 10K per day fines for non-compliance, threats of 30% additional taxes and regulatory scrutiny sometimes on a daily basis.
As for the noise issue. Yes, Bitcoin mining companies like other industries create noise, and like other industries sometimes that is excessive.
The noisier, air-cooled Bitcoin mining machines (becoming less common) produces between 70 to 90 decibels (dB) of sound. If you're standing right next to it.
Here is the context that BBC didn't feel it necessary to give you.
1. Comparatively, industrial power plants often reach 80 to 105 dB, similar to heavy machinery. Context BBC didn't feel it's readers needed to know, and does not report on.
2. BBC also didn't tell you that at Greenidge, advanced acoustic tech and noise barriers significantly reduce sound. Modern setups with immersion cooling or soundproof containers lower ambient noise by up to 30 dB.
3. BBC also didn't tell you that the Granbury site reported on has already had the noise issue brought within legal limits through migration to liquid-cooled mining units.
4. There is documented video evidence, taken by locals, that a lot of the noise at Granbury was in fact produced by valve blow from Gas generation plants, as opposed to Bitcoin mining units.
The article also suggests that Bitcoin mining harms rural communities, based it appears more on a couple of carefully selected interviews
Had the journalist in question done an LLM search on Bitcoin mining and community impact, he'd have found that Bitcoin mining has been found to offer significant benefits to communities, including the creation of 31,000 jobs, stabilizing electric grids due to their flexible power needs, with significant investment into local communities.
This is backed up both in a Perryman Group report
source: https://t.co/ltnBRdszqh
and by Ward Roddam. Mayor, of the small community of Rockdale https://t.co/byNVAcWMMK
BBC didn't feel it necessary that you knew that context either.
I guess it wasn't the story they wanted to tell.
Whistleblower John Perkins (Author "Confessions of an Economic Hitman") once encouraged developing nations to take extractive IMF loans
He lived what Bitcoin has the potential stop
He know how IMF could try to stop Bitcoin
What he has to say is not to be missed
@TheBitcoinConf
No posts in awhile due to 60 medical appointments in 5 months- 2 surgeries, back injury + new diagnosis of MS. Instead of adding it to the long 12 + diagnoses, the 2 MS docs said I can take off Fibromyalgia & Thoracic Outlet Syndrome. I am relieved-the black box has been found!
The Bitcoin Halving will drop mining rewards to 3.125 BTC on April 19th.
Big deal? Absolutely.
On April 11th at USV in NYC, Gina Abrams, Aubrey Strobel & Maria Pesce will discuss Bitcoin's novel monetary policy & its impacts on the cryptocurrency ecosystem. Learn more👇
This was taken during a time period that I went for treatments in Europe because nothing was really working in the US. During tiny windows of low pain, had to kick into gear quickly even if the middle of the night! Thankfully in Paris everywhere you turn is a cool shot,
“House of Frida” ALL textures used from #Fridakahlo in Mexico City. Frida quote in piece is:
Revolution is the harmony of form and color, and everything is, and moves, under the same law - life. No one is apart from anyone else. No one fights for himself. All is all and one”.
➡️Open Call for Artists:
We are excited to announce an open call for artists to participate in an immersive art showcase set for March 14th at the renowned Aures venue in London
NFTUK is hosting a special event where education, tech, and culture come together. We're expecting lots of people from all over the UK and other countries too. It's going to be a great place to learn new things and meet different people.
We have the opportunity to showcase you, see video example below.
Here is what works well for this event.
Anything that sparks motion, could be AI-Gen Art,
Gen Art, Short Films and Cinematics, feel free to surprise us, stills and jpgs won't work well for this exhibition as the venue is based on the 5 senses.
If you are selected we'd need the highest res so we will contact you.
It can be minted or not minted, we are here to feature you!
How to apply
🔹Post up to 2 artworks,
🔹RT this
🔹Tag some of your friends so they get the chance to enter as well. Sharing is caring. 🥰
This curation will be soon available on @joynxyz
Deadline
Feb 7, after that our curators will take some time to select the works, announce and then do the production.